Gold miner Horizon Gold Limited stopped moving on ASX

  • Sep 19, 2018 AEST
  • Team Kalkine
Gold miner Horizon Gold Limited stopped moving on ASX

The shares of Horizon Gold Limited have been seen to be tight-lipped on ASX today as the miner’s securities were placed in trading halt.

The securities of Horizon Gold Limited were placed in trading halt on 19 September 2018 post company’s request for the grant of voluntary trading halt of its securities from ASX. The company decided to go in trading halt due to pending release of market announcement in relation to the drilling results at its Gum Creek Gold project.

The trading halt is reported to be in place up till the earlier of 21 September 2018 or release of the market announcement as for the above stated purpose.

At the end of last month, the company announced the intersection of high grade gold mineralization in the Butcherbird Shear and Premium Lode at the northern end of Swan system. It was the result of 12-hole diamond drilling program test in which first four holes gave the result of 4.0m @ 2.6g/t Au from 297.0m in SBDD071 and 5.0m @ 10.6g/t Au from 257.0m in SBDD073 while the company expects the testing of remaining eight holes in September this year. The purpose of gold assay was mainly to assess the validity of exploration targets and know the thickness and grade of the mineral in that area. The company said that this reinterpretation has underlined the potential to significantly uplift the underground Mineral Resources with an additional exploration drilling in this area.

HRN estimated Exploration Targets of contained gold between 270,000 ounces to 800,000 ounces for the Butcherbird Shear and 30,000 ounces to 100,000 ounces for the Premium Lode.

Horizon Gold Limited is an Australia-based gold exploration and development company. It primarily focuses on Gum Creek Gold Project which is situated 640km north east of Perth, Western Australia. Horizon’s Gum Creek Gold Project has tenements package which covers approximately 724 square kilometres of Gum Creek Greenstone belt. Gum Creek Gold Project represents circa 17.3 metric ton at an average grade of ~2.25 gram per ton gold for ~1.25 million ounces of gold.

Listed in 2016, Horizon Gold Limited has a market capitalization of $11.48 million. HRN stock last traded at $0.150 and had witnessed a 25% jump in daily price of the share on 14 September 2018. The stock has seen a negative performance change of 50.00% over the past one year, and it has been seen that the change has remained constant in previous three months.

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